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18 May 2012

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Arch impresses on profits; industry Concordia loss could hit $2bn

15 February 2012

Arch Capital continued to impress as it comfortably beat analysts' consensus on Q4 operating earnings and reported net profits for the quarter and full year.

However, the reinsurer revealed the first quarter of 2012 will be impacted by losses on its investment in Bermudian collateralised reinsurer Aeolus LP, and an estimated hit from the Costa Concordia ferry disaster of $18mn to $35mn based in industry losses of $850mn to $2bn.

The Bermudian made net profits of $136.8mn for the fourth...

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